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) bounced off the strong support at $16 on March 5 but the bulls could not push the price above the 20-day EMA . This suggests that bears are selling on rallies to this level.The selling resumed on March 6 and the DOT/USDT pair dropped to the strong support at $16 where buyers stepped in. This suggests that the pair is stuck between the 20-day EMA and $16.
If bears pull the price below $16, the pair could drop to the intraday low made on Feb. 24. A break and close below this support could open the doors for a further decline to $10. Alternatively, if the price rises off the current level or rebounds off the $16 to $14 zone, the bulls will try to push the pair above the 50-day SMA . If they succeed, it will suggest that the bears may be losing their grip. The pair could then rally to $23.The bulls are attempting to defend the strong support at $0.12 but the failure to achieve a strong rebound off it indicates a lack of demand at lower levels. This heightens the risk of a break below the support.
If the price rebounds off this zone, the bulls will again try to clear the hurdle at the moving averages. A break and close above the 50-day SMA will be the first sign that the downtrend could be coming to an end. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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